October Manufacturing Sales Increase Slightly

Manufacturing sales rose 0.3 per cent to $54.1 billion in October, following a 2.2 per cent increase in September, says Statistics Canada. The increase in October was almost entirely attributable to non-durable industries, led by the paper and petroleum and coal industries. Year over year, sales were down 5.2 per cent. Manufacturing sales in constant dollars were unchanged, indicating that the increase in October was driven entirely by higher prices. Manufacturing sales rose in seven provinces in October, led by New Brunswick and British Columbia. Quebec posted the largest decline, followed by Newfoundland and Labrador. Following two consecutive monthly gains, total inventories declined 0.4 per cent to $86.5 billion in October. The inventory-to-sales ratio edged down from 1.61 in September to 1.6 in October. This ratio measures the time, in months, that would be required to exhaust inventories if sales were to remain at their current level.